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Drilling is down but Production levels are up

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Working oil rigs fell by 20 this week to 805, according to data released Friday by oilfield-services provider Baker Hughes. Companies have boosted activity just twice in the past 10 weeks. – https://www.bloomberg.com

Investors are more focused on capital returns rather than rapid growth from the oil industry during this boom. this new trend has forced oil companies to cut-back on drilling activities and have maintained a prioritization of cash flows and less focus on growth.

Crude production inched 100,000 barrels higher, back to its record high at 12.2 million bpd, the data showed – according to the Energy Information Administration.

Production levels in Colorado, Oklahoma, and North Dakota each grew by more than 95,000 b/d from 2017 to 2018. In Colorado and North Dakota, this increase was enough to set new record production levels for the year. Production increases in Colorado were driven by the Niobrara shale formation, while continued production in the Bakken region drove increases in North Dakota. Oklahoma’s crude oil production has yet to surpass its record level of 632,000 b/d set in 1967.

 

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Drilling

The Second largest oil-producing state? North Dakota

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Texas is by far the largest oil-producing state in the United States, but number two?

North Dakota, Is the nation’s second-largest oil-producing state, Produced 1.42 million barrels of oil per day, a rise of 2% over May, according to data released Thursday by the North Dakota Department of Mineral Resources

The Bakken boom has propelled North Dakota into the top ranks of oil-producing states. As recently as 2007, North Dakota ranked 8th among the states in oil production. In 2008, the state overtook Wyoming and New Mexico; in 2009 it outproduced Louisiana and Oklahoma. North Dakota surpassed California in oil production in December 2011, then in March 2012 overtook Alaska, to become the number two oil-producing state in the country.

The state’s natural gas output in June stood at 2.88 million MCF per day, also up 2% over May. An MCF is 1,000 cubic feet of natural gas.

During the Boom days, North Dakota had 212 rigs at its peak. now the state averages around 60 rigs.

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Drilling

Permian Continues to See Loss of Oil Drilling Rigs

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In its weekly release, Baker Hughes, a GE company BHGE reported a decline in weekly rig count in the United States.

More on the Rig Count

Baker Hughes’ data, issued at the end of every week since 1944, helps energy service providers gauge the overall business environment of the oil and gas industry.

A change in the Houston-based oilfield services player’s rotary rig count affects demand for energy services like drilling, completion and production provided by the likes of Halliburton Company HAL, Schlumberger Limited SLB, Diamond Offshore Drilling, Inc DO and Transocean Ltd. RIG.

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US Removes One Oil Rig: Oil rig tally was 788, down from 789 in the week ended Jun 7. With this, the tally for crude-drilling rig declined for two successive weeks.

Moreover, the current total, far from the peak of 1,609 attained in October 2014, is lower than 863 a year ago.

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